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DISPOSITIONS
 12 Months Ended
Dec. 31, 2015
DISPOSITIONS  
DISPOSITIONS

NOTE 19 – DISPOSITIONS

 

During the year ended December 31, 2015, the operating partnership sold 3.38 acres of development land in Fargo, North Dakota for approximately $1,424 and recognized a gain of $470.

 

During the year ended December 31, 2014 the operating partnership sold a 14,736 square foot office property in Norfolk, Nebraska for approximately $625 and recognized a gain of approximately $69.  

 

During December 2015, the Company received a notice from a tenant to exercise a purchase option for a medical property located in Eau Claire, Wisconsin.  This property qualified for held for sale accounting treatment upon meeting all applicable GAAP criteria on or prior to December 31, 2015, at which time depreciation and amortization ceased.  As such, the assets and liabilities associated with this property are separately classified as held for sale in the consolidated balance sheets as of December 31, 2015.

 

The following table presents the assets and liabilities associated with the investment properties held for sale:

 

 

 

 

 

 

 

 

 

 

December 31,

 

December 31,

 

 

2015

    

2014

 

 

 

 

 

 

 

 

(in thousands)

ASSETS

 

 

 

 

 

 

Real estate investments

 

$
1,716

 

$

 —

Receivables

 

 
5

 

 

 —

 

 

 

 

 

 

 

Total Assets

 

$
1,721

 

$

 —

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

Mortgage notes payable

 

$
655

 

$

 —

Accrued expenses and other liabilities

 

 
4

 

 

 —

 

 

 

 

 

 

 

Total Liabilities

 

$
659

 

$

 —